Core Viewpoint - The company JianTao (01888) has raised prices by 10% across all materials due to soaring copper prices and a shortage of glass cloth, indicating a positive pricing cycle driven by AI demand in the industry [1] Group 1: Company Performance - JianTao's stock price increased by over 5%, reaching HKD 14.05 with a trading volume of HKD 315 million [1] - The company has implemented price increases three times since August 2025, with another increase in December, indicating strong pricing power amid rising costs [1] Group 2: Industry Trends - The strong demand for AI is driving both price and volume increases in the PCB market, with many AI-PCB companies experiencing robust orders and full production capacity [1] - The demand for AI copper-clad laminates is also strong, and domestic leading manufacturers are expected to benefit from slow overseas expansion in this segment [1]

Market Overview - The Hang Seng Index fell by 0.55%, down 149 points, closing at 26,850 points, while the Hang Seng Tech Index dropped by 1.83% [1] - The trading volume in the Hong Kong stock market reached HKD 163.9 billion in the morning session [1] Company Highlights - Jiexin International Resources (03858) rose over 5%, reaching a new high as black tungsten ore prices surpassed 500,000 yuan, prompting several tungsten companies to raise long-term contract prices [1] - Likin Resources (02245) increased by over 10% due to disruptions in Indonesian nickel ore quotas, while Zhongwei New Materials (02579) gained over 9% [1] - China Rare Earth Holdings (03788) experienced significant volatility, rising by 8% after announcing the termination of its spin-off listing plan and plans to rename itself "Rare Earth Gold" [1] - Ocean Park Hong Kong (02255) surged over 10%, with visitor numbers on the first day of the New Year holiday increasing by 60% year-on-year [1] - Zhipu (02513) rose over 4% after announcing a collaboration with Huawei to open-source a new generation image generation model [1] - China Heartland Fertilizer (01866) increased by over 4%, anticipating a potential global urea supply shortage, and has been actively repurchasing shares [1] - Woan Robotics (06600) gained over 7% following the release of its humanoid intelligent robot, Onero [1] - Jiantao Laminates (01888) saw a nearly 6% increase after announcing a price hike, which is expected to become a trend in the copper-clad laminate industry [1] - Qiu Tai Technology (01478) declined over 7% as Citigroup reported that the company's net profit last year fell below expectations [1] Other Notable Movements - Kanglong Chemical (03759) dropped over 5% after announcing a placement of shares at an 8.5% discount, aiming to raise nearly HKD 1.32 billion [2] - Trip.com Group (09961) plummeted over 19% due to an investigation by the State Administration for Market Regulation for alleged monopoly practices, while Same City Travel (00780) fell over 11% [2]

Core Viewpoint - The leading copper foil substrate company, Jiantao, has announced a price increase due to rising copper prices and tight supply of glass cloth, marking its third price hike since the second half of 2025 [1] Company Summary - Jiantao's stock rose nearly 6% during trading, currently up 4.25% at HKD 12.99, with a trading volume of HKD 165 million [1] - The company has issued a price increase notice to customers, stating that raw material costs can no longer be absorbed, leading to a comprehensive price increase of 10% for new orders [1] Industry Summary - According to China Merchants Securities, price increases will be a dominant theme in the CCL industry for 2025-2026 [1] - Guotai Junan Securities reports that strong demand from AI is driving both price and volume increases in the PCB market, with many AI-PCB companies experiencing robust orders and full production [1] - The demand for AI copper-clad laminates is also strong, and due to slow overseas expansion, domestic leading manufacturers are expected to benefit significantly [1]

Group 1 - The core viewpoint of the article highlights that Jiantao's stock price has increased significantly, driven by rising copper prices and tight supply of glass cloth, leading to a price hike for their products [1] - Jiantao has issued a price increase notice to customers, indicating a 10% increase in the price of new orders due to unsustainable raw material costs, marking the third price hike since the second half of 2025 [1] - According to China Merchants Securities, price increases are expected to be a dominant theme in the CCL industry for 2025-2026 [1] Group 2 - Guojin Securities reports that strong demand from AI is driving both price and volume increases in the PCB sector, with many AI-PCB companies experiencing robust orders and full production capacity [1] - The performance growth in the fourth quarter and next year is anticipated to continue due to the strong demand for AI-related products [1] - Domestic copper-clad laminate manufacturers are expected to benefit significantly from the slow expansion of overseas production capacity [1]

Summary of Kingboard Laminates Holdings (1888.HK) Conference Call Company Overview - **Company**: Kingboard Laminates Holdings (KBL) - **Industry**: Printed Circuit Board (PCB) Laminates - **Market Position**: KBL has a ~17% global market share in rigid laminates and over 30% in the PRC [15][16] Key Financial Projections - **Earnings Forecast**: - 2H25 earnings expected to double to HK$1.209 billion year-over-year - Core earnings projected to rise 58% to HK$1.155 billion [1][14] - **Earnings Growth**: - 1H25 earnings growth was 28% and 10% respectively [1] - **Gross Margin**: Expected to expand to over 20% in 2H25, compared to 18.4% in 1H25 [2] Pricing and Market Dynamics - **Average Selling Price (ASP) Inflation**: - KBL has raised ASP by 4 times in 4Q, with increases of 3-5% in October, ~10% in November, and ~10% in December [2] - **Copper Costs Correlation**: - KBL stock has a high correlation (60%+) with copper costs, which are at record highs [10] - **Concerns**: - Recent stock decline (~8%) attributed to concerns over CCL price inflation not keeping pace with copper costs and Nanya Plastic's missed 4Q25 results [1][11] Supply Chain and Certification - **NVDA Supply Chain**: - KBL is in the process of certification for low Dk gen 1 and gen 2 materials for potential entry into NVDA's supply chain, expected to be completed by 1Q26 [3][14] - **Production Capacity**: - Plans to build an additional 1,500 tons of low Dk gen 1/gen 2 by 1Q26 and another 3,000 tons by end-2026 [9] Investment Strategy and Valuation - **Recommendation**: - KBL shares rated as Buy with a target price of HK$20.50, implying a potential return of 64.5% [4][17] - **Valuation Methodology**: - Target price based on a P/E of 19-20x for 2026E, reflecting peak P/E during the upcoming industry upcycle [17] Risks and Considerations - **Risks**: - Customer certification delays, macroeconomic growth in China, and demand recovery for electronic goods could impact performance [18][21] - **Market Conditions**: - The economic slowdown in China has affected discretionary consumption items, which account for over 80% of KBL's total sales [16] Conclusion - Kingboard Laminates Holdings is positioned for significant earnings growth in the upcoming periods, driven by ASP inflation and potential entry into the NVDA supply chain. However, the company faces risks related to macroeconomic conditions and certification timelines. The investment outlook remains positive with a strong buy recommendation based on projected earnings recovery and market positioning.

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 建滔積層板控股有限公司 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01888 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.1 HKD | | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.1 HKD | | | 2,000,000,000 | 本月 ...

Core Viewpoint - The company is maintaining an "overweight" rating due to significant price increases in copper and fiberglass cloth, which are expected to drive profitability in the copper-clad laminate and electronic cloth industries, supported by AI demand [1][2]. Group 1: Price Increases and Market Dynamics - The company has issued a price increase notice for copper-clad laminates, raising prices by 10% due to soaring copper prices and a shortage of fiberglass cloth [1]. - Historical trends indicate that during periods of rising copper and fiberglass prices, traditional copper-clad laminate prices also tend to rise, suggesting a favorable pricing cycle [1]. - The company has raised prices three times since August 2025, with two increases in December alone, indicating a robust pricing environment driven by AI demand across the entire supply chain [1]. Group 2: Strategic Positioning and Product Development - The company is positioned as an integrated leader in the industry, benefiting from price increases across all segments, including copper foil, electronic cloth, and copper-clad laminates [2]. - The strategic focus on high-end product development is expected to align with the price increase cycle, with new products like low-dielectric electronic yarn and quartz cloth set to launch between late 2025 and 2026 [2]. - The introduction of HVLP-3 copper foil is in the verification phase, further enhancing the company's product offerings and market position [2].

建滔积层板(01888)公布，独立非执行董事叶澍堃先生已辞任董事职务，亦将不再担任董事会薪酬委员 会主席，以及董事会审核委员会及董事会提名委员会成员。容海恩女士将获委任为独立非执行董事、薪 酬委员会主席以及审核委员会及提名委员会成员，自2025年12月31日起生效。 ...

Core Viewpoint - The company announced changes in its board of directors, including the resignation of an independent non-executive director and the appointment of a new independent non-executive director, effective December 31, 2025 [1] Group 1 - Independent non-executive director Ye Shukun has resigned from his position, effective December 31, 2025 [1] - Sir Rong Haiyan will be appointed as an independent non-executive director, effective December 31, 2025 [1]

智通财经APP讯，建滔积层板(01888)公布，独立非执行董事叶澍堃先生已辞任董事职务，亦将不再担任 董事会薪酬委员会主席，以及董事会审核委员会及董事会提名委员会成员。容海恩女士将获委任为独立 非执行董事、薪酬委员会主席以及审核委员会及提名委员会成员，自2025年12月31日起生效。 ...